Proposals for development of One Monument Square due Wednesday

TROY -- While the future of the wide open space that lies between the Soldiers' and Sailors' Monument in downtown and the Hudson River on River Street is still uncertain, the deadline for proposals from developers for what the space at One Monument Square could possibly become is approaching rapidly.

The city put out a request for proposals near the beginning of the year, and those proposals are due next Wednesday, March 13.

"That piece of property is a gem," said Mayor Lou Rosamilia Thursday. "The site is very important and we're going to take our time."

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The bid has a minimum purchase price of $1.5 million. The mayor would not say how many proposals were expected, but noted that he expect to have many of the same developers who showed interest when the property last went out to bid.

The site used to be occupied by the previous city hall, which was demolished in 2010. The 2.1-acre parcel was awarded to the Nigro Companies of Albany and The Richman Group Development Corp., the latter a Connecticut based company that later pulled back from the deal, by the former mayor, Harry Tutunjian, a Republican. In November, Rosamilia, a Democrat, scrapped the $31.5 million mixed-use residential development project the developers had planned. At issue were the developers plans to create low- and middle-income apartments in the space, which the mayor said did not fit the administration's vision for downtown.